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Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting
Note 4 - Segment reporting
An operating segment is defined as a component of an enterprise for which separate financial information is available and for which segment results are evaluated regularly by the Company’s Chief Operating Decision Maker (“CODM”). The Company’s CODM is identified as the Executive Management Team, comprising the Company’s Interim Chief Executive Officer, President, Chief Financial Officer, and Chief Operating Officer. Together, these individuals assess the performance of the Company’s operating segments and allocate resources. The CODM functions collectively rather than as individuals, ensuring that decisions reflect a balanced and strategic approach to managing operations. UHG primarily operates in the homebuilding business and is organized and reported by division. The identification of reporting segments is based primarily on similarities in economic and geographic characteristics, product types, regulatory environments, and methods used to sell and construct homes.
During the fourth quarter of 2024, the CODM began regularly reviewing the discrete financial information for Rosewood to individually assess its performance and allocate resources. This change reflects the evolving structure of the Company and is due to the uniqueness of Rosewood’s product offerings compared to the rest of the Company. As a result, the Company now discloses three reportable segments: GSH South Carolina, Rosewood, and Other. Each segment represents distinct geographical and operational aspects of UHG’s business.
GSH South Carolina represents GSH’s homebuilding operations primarily across the state of South Carolina. The main products for GSH South Carolina include entry-level homes and first-move-up homes, catering to a wide range of buyers transitioning into homeownership or seeking to upgrade from their initial purchase. South Carolina operations span the Upstate, Midlands, and Coastal regions, with a smaller presence in Georgia.
Rosewood, which also operates in South Carolina, encompasses UHG’s operations focused on delivering second and third move-up homes in the South Carolina market. These homes cater to buyers seeking more luxurious and customized living spaces, and typically feature larger floor plans, high-end finishes, and premium amenities.
Other consists of UHG’s homebuilding operations in Raleigh, NC and mortgage operations conducted through a mortgage banking joint venture (“Joint Venture”), Homeowners Mortgage, LLC, which do not meet the quantitative thresholds to be disclosed separately. Raleigh offers a similar product line to GSH South Carolina in a different geographical market, serving North Carolina, primarily in and around Raleigh. The Joint Venture is primarily engaged in brokering residential mortgage loans and enhances the Company’s ability to offer integrated homebuying experiences by providing financing solutions directly to customers while generating additional income streams.
The accounting policies of the segments are consistent with those outlined in the summary of significant accounting policies. The CODM evaluates performance and allocates resources for GSH South Carolina, Rosewood, and Other based on both segment gross profit and profit or loss from operations before income taxes. These financial metrics are used to view operating trends, perform analytical comparisons and benchmark performance between periods and to monitor budget-to-actual variances on a monthly basis. Segment gross profit is used to evaluate product pricing strategies, monitor margins, and assess return on inventory, while segment profit or loss from operations before income taxes is
utilized to assess overall segment profitability and performance of each market and product type on a consistent and comparable basis.
The following tables summarize revenues, gross profit and pre-tax income by segment for the years ended December 31, 2024 and 2023 as well as total assets by segment as of December 31, 2024 and 2023, with reconciliations to the amounts reported for the consolidated company, where applicable:

Year Ended December 31, 2024
GSH South CarolinaRosewoodOther
Corporate (3)
Totals
Segment revenue, net (1)
$419,452,667 $25,749,898 $18,511,452 $— $463,714,017 
Cost of sales337,567,357 24,388,989 17,026,492 4,900,913 383,883,751 
Segment gross profit81,885,310 1,360,909 1,484,960 (4,900,913)79,830,266 
Severance expense171,492 — 1,125,904 — 1,297,396 
Selling, general and administrative expense48,142,345 1,905,444 3,001,916 20,352,640 73,402,345 
Other expense, net (2)
3,417,529 930,042 296,107 7,839,262 12,482,940 
Total segment income (loss) before taxes$30,153,944 $(1,474,577)$(2,938,967)$(33,092,815)$(7,352,415)
Reconciling items:
Reconciling items from equity method investments1,528,984 
Loss on extinguishment of Convertible Notes(45,642,497)
Change in fair value of derivative liabilities88,652,980 
Consolidated income before taxes$37,187,052 
Year Ended December 31, 2024
GSH South CarolinaRosewoodOther
Corporate (3)
Totals
Assets (excl. goodwill)$163,993,627 $27,913,285 $21,379,194 $42,812,108 $256,098,214 
Goodwill3,573,040 5,206,636 500,000 — 9,279,676 
Total segment assets167,566,667 33,119,921 21,879,194 42,812,108 265,377,890 
Year Ended December 31, 2024
Other segment disclosuresGSH South CarolinaRosewoodOther
Corporate (3)
Totals
Equity in net earnings from investment in joint venture$— $— $— $1,528,984 $1,528,984 
Investment in joint venture— — — 691,449 691,449 
Depreciation and amortization1,651,938 261,677 12,599 19,082 1,945,296 
Interest expense6,192,317 960,303 569,687 13,279,246 21,001,553 
Year Ended December 31, 2023
GSH South CarolinaRosewoodOther
Corporate (3)
Totals
Segment revenue, net (1)
$417,034,454 $4,189,647 $250,000 $— $421,474,101 
Cost of sales335,173,174 3,935,663 290,945 2,348,699 341,748,481 
Segment gross profit81,861,280 253,984 (40,945)(2,348,699)79,725,620 
Selling, general and administrative expense47,870,734 607,733 617,833 15,998,144 65,094,444 
Other (income), net (2)
(199,383)(1,946)(172,035)4,135,977 3,762,613 
Total segment income (loss) before taxes$34,189,929 $(351,803)$(486,743)$(22,482,820)$10,868,563 
Reconciling items:
Reconciling items from equity method investments1,244,091 
Change in fair value of derivative liabilities115,904,646 
Consolidated income before taxes$128,017,300 
Year Ended December 31, 2023
GSH South CarolinaRosewoodOther
Corporate (3)
Totals
Assets (excl. goodwill)$224,197,721 $26,228,981 $16,485,564 $26,028,426 $292,940,692 
Goodwill— 5,206,636 500,000 — 5,706,636 
Total segment assets224,197,721 31,435,617 16,985,564 26,028,426 298,647,328 

Year Ended December 31, 2023
Other segment disclosuresGSH South CarolinaRosewoodOther
Corporate (3)
Totals
Equity in net earnings from investment in joint venture$— $— $— $1,244,091 $1,244,091 
Investment in joint venture— — — 1,430,177 1,430,177 
Depreciation and amortization1,159,672 49,554 5,250 3,302 1,217,778 
Interest expense7,037,271 — — 8,391,057 15,428,328 
____________
(1)Segment revenues include revenue recognized at a point in time from speculative home closings and revenue recognized over time from construction activities on land owned by customers, in accordance with the Company's revenue recognition policy.
(2)Other (income) expense, net includes, among other items, interest expense not attributable to homebuilding activities, investment income, and amortization expense.
(3)Corporate items included within consolidated income before taxes includes unallocated corporate overhead, stock-based compensation, corporate interest income and expense, and other corporate level items not allocated to the segments. Similarly, corporate items included within consolidated assets include corporate cash and cash equivalents, deferred tax assets attributable to the corporate entity, and operating lease right-of-use assets.